The centerpiece of Fermi's pitch—Project Matador, officially the "President Donald J. Trump Advanced Energy and Intelligence Campus"—spans 5,000 to 6,000 acres near Amarillo and would combine gas generation, small modular reactors, and four AP1000 nuclear reactors to power AI data centers. The Nuclear Regulatory Commission accepted a combined license application for the AP1000 units submitted in June 2025 and is reviewing portions of it. What remains unclear is whether Fermi can secure the financing and anchor tenants needed to move forward. A reported $150 million tenant deal collapsed, triggering shareholder lawsuits alleging the company overstated demand and misled investors about revenue prospects.
For attorneys tracking energy and infrastructure deals, Fermi represents a critical test case. The combination of founder infighting, leadership turnover, pending litigation, and unresolved customer commitments raises hard questions about whether the company can execute one of the country's most ambitious nuclear-powered AI campuses. Investors and counterparties should monitor the NRC review timeline, any new tenant announcements, and the outcome of shareholder litigation—all of which will signal whether this model for AI-energy infrastructure can survive its first major crisis.